How Many Savings Bank Accounts you should have | Scripbox

HOW MANY SAVINGS BANK ACCOUNTS AND HOW MUCH MONEY SHOULD YOU KEEP IN THEM?

THE PROBLEM OF PLENTY

www.scripbox.com You will have to maintain minimum balances in each of the non-salary bank accounts to avoid penalty. There are also other charges.

SO, WHAT’S THE IDEAL NUMBER OF BANK ACCOUNTS YOU SHOULD HOLD?

You need to have a main account which is permanent. This will be linked to all your mutual fund investments, tax filings, home EMI payments and other automated bill payments. www.scripbox.com

IN ADDITION,

you can hold another bank account that will be your salary account. It will be a temporary account and you will close it as soon as you leave a job (and open a new one). Ideally, you should automate transfers of your salary from this account to your main account and thereafter plan your expenses and investments. www.scripbox.com

WHATEVER

the case financial experts believe, anything more than three is a pain in the neck. If you have more bank accounts that you find it difficult to manage, close them at the earliest. www.scripbox.com

HOW MUCH MONEY IN IT?

www.scripbox.com You need to keep a reasonable balance in your savings account which could be anywhere from one to two months of your household expenses. All depends on your comfort levels. It should be big enough to make you sleep peacefully at night.